The dissatisfaction with the U.S. bankruptcy law is largely due to its excessive focus on distribution rather than efficiency issues. The existence of dispersed creditors and different classes of debt make out-of-court restructuring harder and often result in rejections of reorganization plans in Chapter 11. In these cases, creditors' recovery values crucially depend on the level of verifiability of assets in place in court, the strategic uncertainty among lenders, and the debtor's uncertainty about the outcome of out-of-court renegotiations. Building on the work by Diamond (2004) and Ayotte and Gaon (2011), we develop a model that incorporates these three sources of uncertainty and examines the effect of verifiability on bankruptcy filing ...
Chapter 11 is widely believed to be among the industrialized world\u27s most debtor-oriented reorgan...
Scholars increasingly assume that most businesses enter Chapter 11 with a high percentage of secured...
The term empty creditor refers to a creditor who has obtained insurance against default, but who oth...
Evidence suggests that asset pledgeability, debt complexity, and valuable control rights of disperse...
This paper examines the effects of improvement in creditors’ rights protection on firms’ financing c...
The U.S. Bankruptcy Code is a frequently used channel to resolve corporate financial distress. In th...
The U.S. Bankruptcy Code is a frequently used channel to resolve corporate financial distress. In th...
We analyze a sample of large privately and publicly held businesses that filed Chapter 11 bankruptcy...
We analyze a sample of large privately and publicly held businesses that filed Chapter 11 bankruptcy...
We analyze a sample of large privately and publicly held businesses that filed Chapter 11 bankruptcy...
This dissertation investigates the effects of the creditor rights and the role of financial reportin...
We study a demand and supply model of judicial discretion in corporate bankruptcy. On the supply sid...
We study a demand and supply model of judicial discretion in corporate bankruptcy. On the supply sid...
Large corporate debtors typically include broad legal disclaimers in their financial disclosures to ...
The lenders that fund Chapter 11 reorganizations exert significant influence over the ba...
Chapter 11 is widely believed to be among the industrialized world\u27s most debtor-oriented reorgan...
Scholars increasingly assume that most businesses enter Chapter 11 with a high percentage of secured...
The term empty creditor refers to a creditor who has obtained insurance against default, but who oth...
Evidence suggests that asset pledgeability, debt complexity, and valuable control rights of disperse...
This paper examines the effects of improvement in creditors’ rights protection on firms’ financing c...
The U.S. Bankruptcy Code is a frequently used channel to resolve corporate financial distress. In th...
The U.S. Bankruptcy Code is a frequently used channel to resolve corporate financial distress. In th...
We analyze a sample of large privately and publicly held businesses that filed Chapter 11 bankruptcy...
We analyze a sample of large privately and publicly held businesses that filed Chapter 11 bankruptcy...
We analyze a sample of large privately and publicly held businesses that filed Chapter 11 bankruptcy...
This dissertation investigates the effects of the creditor rights and the role of financial reportin...
We study a demand and supply model of judicial discretion in corporate bankruptcy. On the supply sid...
We study a demand and supply model of judicial discretion in corporate bankruptcy. On the supply sid...
Large corporate debtors typically include broad legal disclaimers in their financial disclosures to ...
The lenders that fund Chapter 11 reorganizations exert significant influence over the ba...
Chapter 11 is widely believed to be among the industrialized world\u27s most debtor-oriented reorgan...
Scholars increasingly assume that most businesses enter Chapter 11 with a high percentage of secured...
The term empty creditor refers to a creditor who has obtained insurance against default, but who oth...